Advent has now completed an initial study of shale gas potential in EP386 and RL1.The results indicate significant potential upside in prospective shale gas resources for Advent with estimated unrisked OGIP for EP 386 & RL 1 in the range from 19 TCF to 141 TCF. The thickness of the prospective shale gas play varies from 300m to over 1500m.

The prospectivity of the Bonaparte Basin is evident from the known oil and gas fields in both the offshore and onshore portions of the basin. Advent's onshore EP386 and RL1 contain many large structures with conventional reservoir gas discoveries.

There have been four conventional gas discovery wells drilled in Advent's 100% owned and operated Bonaparte Basin permits of EP386 and RL1:

- In EP386 the three main discoveries made so far are Vienta, Waggon Creek and Bonaparte; and

- In RL1 in the Northern Territory, Advent has recently announced an independently assessed contingent resource for the Weaber Gas Field.

Initial study of shale gas potential in EP386 and RL1

The current study analysed all wells drilled in the onshore Bonaparte Basin which has thermally mature thick source rock (>500m) with potential large unconventional resources.

Details from the study which has highlighted the presence of multiple petroleum targets and which shows both shale gas and tight gas potential are attached. (see link:

- Lower Milligans Formation shale is prospective for shale gas play with considerably large upside potential;

- Marine shale with moderate organic richness: TOC of up to 2.2% from samples in wells within or in close proximity of EP 386. Higher TOC could be present in the deeper offshore area north & east of EP 386;

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